Following yesterday’s announcement by Verisk Analytics, Inc. that it would abandon plans to acquire EagleView Technology Corporation, the Director of the Federal Trade Commission’s Bureau of Competition, Deborah Feinstein, said:
“The parties’ decision to abandon this transaction preserves competition in the U.S. market for rooftop aerial measurement products used by the insurance industry to assess property claims. A combination of the only two significant competitors in this market would have likely led to higher prices for both insurance companies and consumers.”
Yesterday the Commission voted 5-0 to file an administrative complaint and authorize staff to seek a temporary restraining order and preliminary injunction in federal court to stop the proposed $650 million acquisition.
The FTC charged that the proposed merger would likely reduce competition and result in a virtual monopoly in the U.S. market for rooftop aerial measurement products used by the insurance industry to assess property claims.
NOTE: The Commission issues an administrative complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest.
The FTC’s Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to antitrust{at}ftc{dot}gov, or write to the Office of Policy and Coordination, Bureau of Competition, Federal Trade Commission, 600 Pennsylvania Ave., NW, Room CC-5422, Washington, DC 20580. To learn more about the Bureau of Competition, read Competition Counts. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.